Starting a small business is exciting.
Starting a small business is exciting. When starting a business in Toronto, there are a few things you should do in terms of the business laws in Canada. There are also things you should consider once the business is starting up, such as marketing and promoting the business. While starting a business can be stressful, being organized and having creative ideas can make it a memorable process.
Instructions
1. Search for small business seminars that are held in Toronto. They are organized and presented by the respective region you are starting your business and can teach you the basic knowledge of taxes, insurance and rules for having a business in that area. For example, if you live in North York, contact your service center for North York to inquire about upcoming business or tax seminars.
2. Design and write a business plan for your small business. While some may find this to be a waste of time, it will help you stay on track with your business and its goals. A solid business plan is also required in Toronto, if you need to open a business bank account.
3. Register your business at any Service Canada location in your area. This includes your business name and location. At this point, you must reveal if you are selling a service or a product. If it is a homemade product, there are some laws that prevent you from making these at your residence. Service Canada will provide you with details upon registration.
4. Register for your business license as this is also needed if you open a business bank account. Register for a Harmonized Sales Tax (HST, formerly GST) permit. You will need this if you make more than $30,000 CAD annually.
5. Inquire about insurance at Service Canada. If your business is a low-risk business, such as most services, web design or writing, insurance may not be required. If you are providing a product or physical labor, such as window installation or construction, you should consider insurance as some customers may not be satisfied with the work and take legal action.
6. Make a financial spreadsheet and budget for your business. Follow your expenses and goals outlined in the business plan. If you need to take out a loan, visit your local bank branch with your business license and business plan in hand.
7. Plan your taxes and payments. Small businesses are only required to pay taxes once a year, so it is a large lump sum, depending on the amount you earned within the tax year. As for 2010, businesses must pay 15% on all earnings within the tax year, according to the CRA (Canada Revenue Agency).
8. Plan any marketing and promotion strategies for your business. While most people rely on word-of-mouth, others attend events as sponsors to get recognition. Other options include cold calling, internet ads or cross-promotions and collaborations with other small businesses.
Tags: your business, business plan, business While, Service Canada, small business
